Retail Investment For Sale
Retail Investment For Sale 19 Cliff Road Newquay Cornwall TR7 2NE Contact: Will Oldrieve 01872 245608 [email protected]
SUMMARY •
Freehold
•
Central Location Opposite Train Station
•
Outstanding Views of Great Western Beach
•
Long Term Income
•
Popular Local Brand
•
Current Income - £28,000 per annum
•
£375,000 (7.15% Net Initial)
19 Cliff Road, Newquay, Cornwall , TR7 2NE.
Ref: 100245
LOCATION Home to the National Surf Championships, holiday destination for thousands and one of the fastest growing towns in Cornwall. Not many towns can compete with the world famous Fistral Beach, latest housing developments including the Duchy of Cornwall’s Nansledan and Tregunnel Hill, the potential spaceport at the Newquay Enterprise Zone and Newquay International Airport. The property is situated in the heart of the town opposite the entrance to the mainline railway station and with occupiers including The Original Factory Shop, Domino Pizza, Aldi, Burger King and a new Travelodge Hotel close by. DESCRIPTION The property is in the middle of a Victorian terrace providing delicatessen on ground and café/restaurant facilities and kitchens on first and second floors. The property benefits from an incredible terrace at first floor and looks over the Newquay Bay providing a fantastic setting for customers and there is always the possibility of exceptional residential conversion as has been undertaken in the upper floors of the property next door.
TENANCIES The property is subject to two tenancies let to the same company. The first and second floors are on one lease and the ground floor is held on a separate lease. Both are effective full repairing and insuring leases by way of a service charge for a period of years terminating on the 10 May 2031, with a rent review on the 12 May 2021 and every 5 years thereafter. The rent payable for the ground floor is currently £16,000 pa excl. and the upper floors £12,000 pa excl. Both are outside the protection of the LTA Act 1954. COVENANT STRENGTH The tenants are “Luxury Brands & Investments Ltd” (Company Number: 09691825), a London-based company who selected the premises to start up a new food and leisure concept based on specialist local food. The tenants have other commercial interests, notably in the clothing manufacturing and distribution sector. The company plan is to roll-out more outlets of this type around the country under the “Driftwood Kitchen” brand. Experian credit check gives the Company a score of 76 “a below average risk”. TENURE Freehold subject to the tenancies described above.
ACCOMMODATION All areas are approximate and measured in accordance with the RICS Property Measurement (1st Edition).
Ground Floor First Floor Second Floor Total
SQ.M. 150.7 94.6 33.3 278.6
SQ.FT. 1,622 1,018 359 2,999
SERVICES We understand that mains electricity, water and drainage are connected to the property, however, these services have not been tested by the agents. Interested parties should make their own enquiries. EPC The EPC for this property is D (85).
LEGAL FEES Each party to be responsible for their own legal fees. VAT The property is registered for VAT and can therefore be sold as a transfer of business as a going concern (TOGC). FURTHER INFORMATION AND VIEWINGS For further information or to arrange a viewing please contact the sole agents: Will Oldrieve – 01872 245601 [email protected]
BUSINESS RATES From the Valuation Office Agency website (www.voa.gov.uk) we understand that the current Rateable Value is £14,750 effective from the 1st April 2017 reference 26010245019000. www.vickeryholman.com Exeter Office Balliol House, Southernhay Gardens, Exeter, Devon, EX1 1NP
PROPOSAL Offers are sought in excess of £375,000 which reflects a net initial yield of 7.15% allowing for purchasers cost of 4.12%.
Mike Oldrieve – 01392 453023 [email protected]
Vickery Holman supports the aims and objectives of the Code for Leasing Business Premises in England and Wales 2007 which recommends that you seek professional advice before entering into a tenancy agreement. Please refer to www.leasingbusinesspremises.co.uk for further information. Vickery Holman for themselves and for the Vendors or Lessors of the property whose Agents they are, give notice that: 1) The particulars are set out as a general outline only for the guidance of intended purchasers or lessees, and do not constitute part of, an offer of contract; 2) All descriptions, dimensions, references to condition and necessary permission for use and occupation, and other details are given without responsibility and any intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the accuracy of them; 3) No person in the employment of Vickery Holman has any authority to make or give any representation of warranty in relation to this property. SUBJECT TO CONTRACT 10 August 2017
19 Cliff Road, Newquay, Cornwall , TR7 2NE.
Ref: 100245
PHOTOGRAPHS (CLOCKWISE FROM TOP LEFT) Sea view from property Ground floor refurbishment First floor café Map of area showing – red circle marks property
www.vickeryholman.com Exeter Office Balliol House, Southernhay Gardens, Exeter, Devon, EX1 1NP
Vickery Holman supports the aims and objectives of the Code for Leasing Business Premises in England and Wales 2007 which recommends that you seek professional advice before entering into a tenancy agreement. Please refer to www.leasingbusinesspremises.co.uk for further information. Vickery Holman for themselves and for the Vendors or Lessors of the property whose Agents they are, give notice that: 1) The particulars are set out as a general outline only for the guidance of intended purchasers or lessees, and do not constitute part of, an offer of contract; 2) All descriptions, dimensions, references to condition and necessary permission for use and occupation, and other details are given without responsibility and any intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the accuracy of them; 3) No person in the employment of Vickery Holman has any authority to make or give any representation of warranty in relation to this property. SUBJECT TO CONTRACT 10 August 2017
SUMMARY •
Freehold
•
Central Location Opposite Train Station
•
Outstanding Views of Great Western Beach
•
Long Term Income
•
Popular Local Brand
•
Current Income - £28,000 per annum
•
£375,000 (7.15% Net Initial)
19 Cliff Road, Newquay, Cornwall , TR7 2NE.
Ref: 100245
LOCATION Home to the National Surf Championships, holiday destination for thousands and one of the fastest growing towns in Cornwall. Not many towns can compete with the world famous Fistral Beach, latest housing developments including the Duchy of Cornwall’s Nansledan and Tregunnel Hill, the potential spaceport at the Newquay Enterprise Zone and Newquay International Airport. The property is situated in the heart of the town opposite the entrance to the mainline railway station and with occupiers including The Original Factory Shop, Domino Pizza, Aldi, Burger King and a new Travelodge Hotel close by. DESCRIPTION The property is in the middle of a Victorian terrace providing delicatessen on ground and café/restaurant facilities and kitchens on first and second floors. The property benefits from an incredible terrace at first floor and looks over the Newquay Bay providing a fantastic setting for customers and there is always the possibility of exceptional residential conversion as has been undertaken in the upper floors of the property next door.
TENANCIES The property is subject to two tenancies let to the same company. The first and second floors are on one lease and the ground floor is held on a separate lease. Both are effective full repairing and insuring leases by way of a service charge for a period of years terminating on the 10 May 2031, with a rent review on the 12 May 2021 and every 5 years thereafter. The rent payable for the ground floor is currently £16,000 pa excl. and the upper floors £12,000 pa excl. Both are outside the protection of the LTA Act 1954. COVENANT STRENGTH The tenants are “Luxury Brands & Investments Ltd” (Company Number: 09691825), a London-based company who selected the premises to start up a new food and leisure concept based on specialist local food. The tenants have other commercial interests, notably in the clothing manufacturing and distribution sector. The company plan is to roll-out more outlets of this type around the country under the “Driftwood Kitchen” brand. Experian credit check gives the Company a score of 76 “a below average risk”. TENURE Freehold subject to the tenancies described above.
ACCOMMODATION All areas are approximate and measured in accordance with the RICS Property Measurement (1st Edition).
Ground Floor First Floor Second Floor Total
SQ.M. 150.7 94.6 33.3 278.6
SQ.FT. 1,622 1,018 359 2,999
SERVICES We understand that mains electricity, water and drainage are connected to the property, however, these services have not been tested by the agents. Interested parties should make their own enquiries. EPC The EPC for this property is D (85).
LEGAL FEES Each party to be responsible for their own legal fees. VAT The property is registered for VAT and can therefore be sold as a transfer of business as a going concern (TOGC). FURTHER INFORMATION AND VIEWINGS For further information or to arrange a viewing please contact the sole agents: Will Oldrieve – 01872 245601 [email protected]
BUSINESS RATES From the Valuation Office Agency website (www.voa.gov.uk) we understand that the current Rateable Value is £14,750 effective from the 1st April 2017 reference 26010245019000. www.vickeryholman.com Exeter Office Balliol House, Southernhay Gardens, Exeter, Devon, EX1 1NP
PROPOSAL Offers are sought in excess of £375,000 which reflects a net initial yield of 7.15% allowing for purchasers cost of 4.12%.
Mike Oldrieve – 01392 453023 [email protected]
Vickery Holman supports the aims and objectives of the Code for Leasing Business Premises in England and Wales 2007 which recommends that you seek professional advice before entering into a tenancy agreement. Please refer to www.leasingbusinesspremises.co.uk for further information. Vickery Holman for themselves and for the Vendors or Lessors of the property whose Agents they are, give notice that: 1) The particulars are set out as a general outline only for the guidance of intended purchasers or lessees, and do not constitute part of, an offer of contract; 2) All descriptions, dimensions, references to condition and necessary permission for use and occupation, and other details are given without responsibility and any intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the accuracy of them; 3) No person in the employment of Vickery Holman has any authority to make or give any representation of warranty in relation to this property. SUBJECT TO CONTRACT 10 August 2017
19 Cliff Road, Newquay, Cornwall , TR7 2NE.
Ref: 100245
PHOTOGRAPHS (CLOCKWISE FROM TOP LEFT) Sea view from property Ground floor refurbishment First floor café Map of area showing – red circle marks property
www.vickeryholman.com Exeter Office Balliol House, Southernhay Gardens, Exeter, Devon, EX1 1NP
Vickery Holman supports the aims and objectives of the Code for Leasing Business Premises in England and Wales 2007 which recommends that you seek professional advice before entering into a tenancy agreement. Please refer to www.leasingbusinesspremises.co.uk for further information. Vickery Holman for themselves and for the Vendors or Lessors of the property whose Agents they are, give notice that: 1) The particulars are set out as a general outline only for the guidance of intended purchasers or lessees, and do not constitute part of, an offer of contract; 2) All descriptions, dimensions, references to condition and necessary permission for use and occupation, and other details are given without responsibility and any intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the accuracy of them; 3) No person in the employment of Vickery Holman has any authority to make or give any representation of warranty in relation to this property. SUBJECT TO CONTRACT 10 August 2017
